Good Morning Everybody
Had a weird day today. MU kinda screwed me at first but did well afterwards. However, I started hitting my hot keys by mistake, instead of using the number pad to put in my hard stops...took a bunch of trades to practice different things. A couple things stood out. Am I over trading? Sure, but the goal today was to try to practice more set ups.
MU
Tried to take the 2 min ORB but clearly had FOMO. I was at my max risk - Unnecessary. I missed the 2 min ORB, I should have just waited for the 5 min ORB. In this case it did nothing. But at around 09:37 there was somewhat an engulfing pattern on the 1 min chart. Then the following candle popped over the VWAP again. I went long on the next candle and road the stock upwards. Something new I am trying is adding to my position on the pull back. I was hoping the 9 MA would have been a good resistance for the pull back. I was wrong and was stopped at the 20 MA. I knew a bounce usually happens at the 20 MA. For the future, I'm thinking of only adding at the 20 MA on the 1 mi chart.
I went long right away and started to scale out again. However, as I was putting in hard stops, I was using my hot keys instead of the number pad on the right and bought more shares...twice. Well didn't know that I could ever make a mistake like that but I'm glad I'm still in sim.
ROKU
Saw ROKU bounce from the low of the day - knowing ROKU, it usually bounced up towards or past the VWAP when that happens. I got in a little late but I used the 20 MA as a stop loss and then the VWAP again. I was stopped out the first time below the BE. The 2nd time I was pretty much at max for my risk. I was stopped out. I mean, I had the right idea, but my risk didn't allow it.
AMD
Went long on the 5 min ORB. I was a little to early. I should have waited for it to get closer to the VWAP. I would not have been stopped out as I could have used the 20 MA as my stop loss. I did go long again once I saw the candle forming above the VWAP.
Not sure if I want to keep practicing with adding to my position. I mean if I already hit my target do I really need to risk more? Or, is there really a difference in getting into a trade during a pull back? I mean technically, the entry/adding is the same thing.
Again, feedback is greatly appreciated.
Thanks